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60. Asela and Bernadita are partners in AB Partnership.

The partnership owns a


building as a specific property.
Q1: Suppose Asela wants to borrow money from Banco de Oro for himself. Can he
offer the partnership building as collateral for the loan without the consent of his
partners?
Q2: in the preceding question, can Asela offer her one-half interest in the building as
collateral?
Q3: May Bernadita use her share in the partnership profit to support the livelihood
of her children?
Question 1
a.
b.
c.
d.

Yes
Yes
No
No

Question 2
No
Yes
No
Yes

Question 3
No
Yes
Yes
No

61. Alili and Bayaw are partners. Bayaw is personally indebted to Bombay. Bayaw
assigned to Bombay his interest in the partnership.
Q1: Does the assignment causes dissolution of the partnership?
Q2: May Bombay be entitled to Bayaws share in the profits?

a.
b.
c.
d.

Question 1

Question 2

Yes
Yes
No
No

Yes
No
No
Yes

62. Which of the following acts may Bombay be entitled to?


a. May demand formal accounting when there is fraud in the management.
b. To interfere in the management of the partnership business or affairs
c. To inspect the partnership books.
d. To require any accounting of partnership transactions.
63. Statement 1: The name of the partnership may not include the name of one or
more of the partners
Statement 2: The name of the partnership may include a name of a person not a
partner of the partnership.

a.
b.
c.
d.

True
True
False
False

True
False
False
True

64. F, G, H and I are partners. They contributed capital as follows: F, P5, 000; G,
P30, 000; H, P20, 000 and I, as the industrial partner, his services. The partnerships
obligations to outsiders exceed the total net assets by P18, 000. Who and by how
much will the partners be liable for the payment of P18, 000?
a. F-P9, 000; G-P5, 400; H-P3, 600; I-nothing
b. F-P4, 500; G-P4, 500; H-P4, 500; I-P4, 500
C. F-P6, 000; G-P6, 000; H-P6, 000; I-nothing
d. F-P4, 500; G-P2, 700; H-P1, 800; I-P9, 000
65. A and B are capitalist partners with C as industrial partner. A and B contributed
P20, 000 each to the capital of the partnership. A contractual liability of P50, 000
was incurred by the partnership in favor of X, the assets of the partnership has been
exhausted still leaving an unpaid liability of P12, 000. What are the rights and the
obligation of the partner, if any?
a. A, B and C are liable to X, and C after giving his share may ask reimbursement
from A and B, unless otherwise stipulated.
b. A and B only
c. C only
d. A, B and C has no right for reimbursement from A and B unless expressly
stipulated.
66. Aguila, Bolo and Cada are partners in Xee Company. Dee owes the partnership
P9, 000. Aguila, a partner, received from Dee a share of P3, 000 ahead of partners
Bolo and Cada, by giving Dee, a receipt for his share only. When Bolo and Cada were
collecting from Dee, the latter was already insolvent.
a. Partner Aguila can be required to share the P3, 000 with Bolo and Cada.
b. Aguils cannot be required to share the P3, 000 with Bolo and Cada.
c. Bolo and Cada should be automatically exhaust first all remedies to collect from
Dee.
d. Bolo and Cada can automatically deduct from the capital contribution of Aguila in
the partnership, their respective share in the P3, 000.

67. A and B are capitalist partners, with C as an industrial partner. A and B


contributed P15, 000 each to the capital of the partnership. A contractual liability of
P40, 000 was incurred by the partnership in favor of X, in the case at bar, the capital
asset of P30, 000 shall first be exhausted thereby leaving an unsatisfied of P10,
000. X can recover the amount from
a. A and B only
b. A, B and C.
c. A, B and C and C can recover for reimbursement from A and B.
d. Answer not given
68.Statement 1: An industrial partner is exempted from losses
Statement 2: An industrial partner is exempted from liability to third persons for the
debts of the partnership
a.
b.
c.
d.

Both statements are correct


Only the 1st statement is correct
Only the 1st statement is false
Both statements are false

69. Amando, Borja and Canu are general partners and Deodato, an industrial
partner in Alphabet Partnership. The partnership in indebted to Zeta in the amount
of P400, 000 for goods sold to the partnership. The partnership was able to pay only
P300, 000 leaving a net contractual liability of P100, 000.
Who will be liable for the net contractual liability of P100, 000?
a.
b.
c.
d.

All of them according to their capital contribution


All of them equally except Deodato
All of the four partners at P25, 000 each
None because their liability is limited only to their capital contribution.

70. Can Deodato claim reimbursement of his P25, 000 share in the net contractual
liability assuming it is subsequently declared as a loss?
a. Yes, because he is exempted from liability.
b. Yes, because he is exempted from losses
c. No, he can claim the P25, 000 from any of his partners.
d. No, he should shoulder the loss personally.
71. Suppose the partners in the articles of partnership agree that Deodato is
exempt from liabilities but Amancio, Borja and Camu shall be liable at 4:3:3,
respectively. Should Deodato contribute in the payment of liability to Zeta?

a. No, the agreement in the articles of partnership should be honored.


b. No, the liability is tantamount to losses in which he is exempt.
c. Yes, the agreement among the partners does not bind third persons.
d. Yes, because he is not exempt from liability. However, he can ask reimbursement
from his co-partners in the amount of P10, 000- Amancio; P7, 500-Borja and P7,
500-Camu.
72. Partnership assets and liabilities are as follows:

Assets
Liabilities

12/31/08

12/31/09

P200, 000

P50, 000

100, 000

200, 000

Capital: A-P50, 000; B-P50, 000

100, 000

150, 000

A and B, general partners, have fully paid their capital contributions. What is the
remedy of creditor C?
a. Collect partnership
b. Collect partnership
personal assets)
c. Collect partnership
d. Collect partnership

liability from the partnership


liability from A and B capital contributions (including
liability from B only
liability from A only.

73. Act of administration: A managing partner can perform even without the
knowledge and consent of the other partners
Act of dominion or ownership: All partners, including managing partner, must give
their consent.
a.
b.
c.
d.

Only the 1st statement is true


Only the 1st statement is false
Both statements are true
Both statements are not true

74. Act 1: A managing partner renounced a partnership claim against the debtor
Act 2: The partner is engaged in sale of merchandise, a partner included in the
business of the partnership the sale of shabu.
Which act requires consent of all the partners?
Act 1

Act 2

a. Yes

Yes

b. Yes
c. No
d. No

No
Yes
No

75. Alterios, Balmedina and Celino are partners in ABC Partnership. The lot is
registered in the name if the partnership. Balmedina sells the land of Damascus.
Which following statements is false?
a. If the sale is in the name if and with authority of the partnership, Damascus
gets valid title.
b. If the sale is in the name Balmedina, in the usual way of business and with
the authority of the partnership, title passes to Damascus.
c. If the sale is in the name of but without authority of the partnership, title
passes to Damascus but the partnership may recover it from him.
d. If the sale is in the name of but without authority of the partnership, title
passes to Damascus and will not be recovered from him by the partnership if
the act of selling is in the usual business and Damascus did not know of the
partners lack of authority.
76. Partner Abusero while driving the partnership vehicle and with authority of the
other partners negligently causes injury to Dimalas, a pedestrian, thru reckless
imprudence.
a. Only Abusero is liable to Dimalas
b. The partnership is entirely liable to Dimalas
c. Abusero is free from liability because it will be assumed by the partnership.
d. The partnership and all the other partners shall be solidarily liable to Dimalas
with a right of recourse against Abusero.
77. Refers to persons who represent themselves, or consent to another or others to
represent them to anyone that they are partners
a. General partnership

c. Partnership by estoppel

b. Limited partnership

d. None of the above

78. A partner in a partnership who is not really a partner, not being a party to the
partnership agreement but is made liable as a partner for the protection of innocent
third persons is known as
a. Secret partner
b. Dormant partner
c. Nominal partner or partner by estoppel

d. Answer not given


80. Alteza, Balingasa and Caballero are partners of an existing partnership Abacaba
Partnership. In a business convention, they met a friend De Villa and they
represented De Villa as their partner in Abacaba Partnership to Eclarinal, another
businessman. De Villa did not object.
a. De Villa is now a partner by estoppel to anybody because of that
misinterpretation
b. Theyy are partners by estoppel. Thus, if the partnership cannot pay Eclarinal for a
business extended to Abacaba Partnership. De Villa will also be liable to the extent
of his personal fund.
O ac. If it was De Villa who represented himself to Eclinar as partner of Abacaba
Partnership in the presence of Alteza, Balingasa and Caballero who di not object to
such representation, no partnership by estoppel has been created.
d. There is no partnership by estoppel because the representation was not made in
writing.
80. A and B are equal partners in AB and Company. Y represented himself as a
partner in AB and Company to Z, who relying on such representation extended a
P50, 000 credit to AB and Company. Of the two partners, only B knew and
consented to the representation of Y. Who should be held liable to Z?
a. Only Y who presented himself as partner is liable.
b. Since the credit was extended to AB and Company, a partnership liability was
created so the two partners and Y are liable.
c. Partners A and B who benefited from the credit extended to the partnership AB
and Company shall be liable to Z.
d. B and Y are partners by estoppel and, thus are liable to Z.
81. A, B and C are partners in X Company. D represented himself as a partner in X &
Company to E, who on the faith of such representation extended P10, 000 credit to
X and Co. Assuming only A and B consented to such representation, who shall be
held liable to E?
a. Since E extended the P100, 000 credit to X and Company, a partnership liability
exists, thus, all the partners and D are liable.
b. Only A, B and D are partners by estoppel and, thus are liable pro-rata to E.
c. Only D, who made the representation shall be liable to E.

d. Only partners A, b and C who benefited from the credit extended by E shall be
liable to E.
82. A, B and C are partners in ABC Company. D introduced himself as a partner in
ABC Company to X, who, on the belief of such introduction, extended a P40, 000
credit to ABC Company. These facts are known to A who did not oppose. Who shall
be held liable to X?
A, Since X extended the credit to ABC Company so a partnership liability exists.
Thus, all the partners A, B, C and D are liable.
b. Only A who knows the transaction and D are partners by estoppel and thus, are
liable pro-rata to X.
c. D who represented himself as partner in ABC Company is liable.
d. A, B and C who benefited in the P40, 000 credit shall be liable to X.
83. Statement 1: Holding out by certain persons to the public that they are partners
when actually they are not leads to the legal existence of partners by estoppel in
which case the liability that results is a partnership liability. Since there may be no
partnership assets available the partners in estoppel are equally liable for the
partnership debt with their separate properties.
Statement 2: Consenting to or permitting another act as a partner of an actual
partnership although the persons consenting is not actually a partner of that
existing partnership, in which case any of the actual partner consenting to another
person who is not a member of the partnership is liable but not the partnership
Which is correct?
a. Only Statement 1
b. Neither Statements

c. Both Statements
d. Only Statements 2

84. Almetor and Billones are not actual partners but represented themselves to Del
Parto as partners. They introduces Ceguera to Del Parto as their partner who did not
object to such representation. If Del Parto extends credit of P50, 000 to them
a. Almetor, Billones and Ceguera are liable pro rate to Del Parto for the contractual
liability because a partnership by estoppel has been created among them.
b. only Almetor and Billones are liable pro rata for the contractual liability incurred.
c. neither Almelor and Billones are liable because there is no actual partnership
created.
d. Almetor and Billones are liable and in case of insolvency, Ceguera because of
partnership by estoppel created among them.

Questions 85 and 86 are based on the following:


Date ABC Partnership was formed

-February 15, 2009

Name of partners

-Aldo, Baldo and Calvo

Contribution of partners

-P50, 000 each

Date Dio was admitted as partner

-April 1, 2009

Capital contribution of Dio

-P50, 000

Amount of partnership liability

-P240, 000

85. Assuming that the partnership liability was incurred on March 5, 2009
a. All of the partners, including Dio, is liable on the P240, 000
b. Only Aldo, Baldo and Calvo shall be personally liable
c. Only Dio is liable personally
d. The partnership is not liable beyond the capital contribution of the partners.
86. Assuming that the partnership liability was incurred on June 20, 2009
a. The partnership shall be liable only to the extent of the capital contribution of the
partners.
b. Aldo, Baldo and Calvo shall be liable to the extent of their personal properties
c. Each partner shall contribute P10, 000 each out of their personal funds.
d. Dio alone shall be liable for the balance.\
87. A and B are equal partners in AB Partnership by contributing P50, 000 each on
July 1, 2009. On July 2, 2009, the partnership contracted an obligation to pay Z the
amount of P180, 000 on August 15, 2009. On August 1, 2009, C was admitted as a
new partner, C contributed P50, 000. How will the obligation be paid?
a. A-P60, 000; B-P60, 000; C-P60, 000
b. A-P90, 000; B-P90, 000; C-None
c. A-P65, 000; B-P65, 000; C-P50, 000
d. A-P180, 000; B-P180, 000; C-None
88. A, B and C are partners engaged in the real estate business. Their contribution
is P20, 000 each. D is admitted a new partner with a contribution of P8, 000. At the

time of his admission, the partnership has an outstanding obligations to E in the


amount of P80, 000. In this case:
a. D is not liable to E for this obligation
b. D id liable to E for this obligation so that after the assets if the partnership
amounting to P68, 000 will be exhausted leaving a balance of P12, 000, only A, B
and C shall be liable jointly or pro rata, out of their separate property.
C. D is liable to E for this obligation so that the assets of the partnership will be
exhausted, leaving a balance of P12, 000, all the partners shall be liable jointly or
pro-rata, out of their separate property.
d. Answer not given.
89. Can the partners stipulate that the newly admitted partner shall not be held
liable for the obligations of the partnership arising before his admission? Which of
the following answers is not correct?
a. No, because the newly admitted partner should be deemed to have assumed all
the debts of the partnership upon his voluntary participation in the partnership.
b. No, because a newly admitted partner is liable with respect to his capital
contributions which forms part of the partnership.
c. No, because third persons are always protected by law
d. No, because the subject of the stipulation is that the liability of the new partner
should not be satisfied out of the partnership property.
90. A and B are partners. On July 15, 2009 when the obligation of the partnership
totals P80, 000, C was admitted as new partner. At the time of Cs admission, the
partnership creditors were M for P50, 000 and N for P30, 000. After July 15, 2009,
the partnership borrowed from O P20, 000 and P40, 000 from P. On December 15,
2009, the partnership becomes insolvent leaving an obligation totaling P140, 000
and the partnership assets amounting to P30, 000. The creditors are going after the
separate properties of the partners to satisfy their remaining claims. How are the
creditors claims satisfied?
Answer 1: M and N can go after the separate properties of A and B but Cs separate
properties are not answerable to their claims.
Answer 2: O and P can go after the separate properties of A , B and C.
Which of the following is incorrect?
a. Both answers are wrong
b. Answer 1 is wrong but answer 2 is correct

c. Both answers are correct


d. Answer 1 is correct but answer 2 is wrong
91. Name of Partnership

: ABAKADA Company

Name of Partners

: Alfonso, Bachiller, Kapulong and Domingo

Remaining partnership assets

:P100, 000

Profit and loss sharing

:Equaklly

Partnership obligation

:P60, 000

Partnership creditor

: Emata

Q1; If Folloso is a personal creditor of Alfonso in the amount of P20, 000, will he be
preferred over Emata?
Q2:If Gonowon is a personal creditor of Bachiller, wil he be preferred over Emata on
the personal assets of Bachiller?
1ST Question 2nd Question
a.
b.
c.
d.

Yes
Yes
No
No

Yes
No
No
Yes

92. The partnership is insolvent. They are preferred as regards to the partnership
property.
a. Partnership creditors
b. Partnership separate creditors
c. Partners with respect to their capital
d. Partners with respect to their profits
93. The change in the relation of the partners caused by any partner ceasing to be
associated in the carrying on the partnership
a. Realization

c. Dissolution

b. Winding-up

d. Termination

94. The following act cannot be performed during the stage of dissolution of the
partnership
a. To enter into new contracts or close new business that will bind the partnership

b. Realization of assets
c. An act which is necessary for winding up purposes
d. To complete and fulfill unfinished contracts.
95. 1st Statement: The arrival of the term of a partnership with a fixed term or
period shall not dissolve the partnership if the partners continue with the business
of the partnership but such partnership may be terminated anytime dependent on
the will of the continuing partners.
2nd Statement: The general rule is that the loss of the specific thing contributed to
the partnership dissolves the partnership when only the use of the thing is
contributed by the partner and such thing after its transfer to the partnership which
used the same for sometime was subsequently lost, the partnership is not
dissolved.
Which statement is correct?
a.
b.
c.
d.

1st statement is true but 2nd statement is false


Both statements are true
Both statements are false
1st statement is false but 2nd statement is true

96. This involves the process of liquidating partnership business after dissolution
a. Dissolution

c. Termination

b. Winding-up

d. Consolidation

97. Cause of dissolution which does not violate the agreement between the
partners, except
a. termination of the definite term or particular undertaking
b. express will of any partner who must act in good faith
c. expulsion of any partner
d. contravention of partnership agreement
98. Which of the following may be cause for involuntary dissolution
a. Express will of any partner

c. Termination of the term

b. Insolvency of any partner

d. Expulsion of any partner

99. Which of the following is not included in winding up or liquidation of a


partnership?

a. Payment of all partnership liabilities to third party creditors and partner/creditors


b. Officially ceases operation and bows out of existence
c. Return of the partners contributions
d. Distribution of net assets among the partners
100. Which of the following is not included in the winding-up of partnership?
a. consolidation of the partnership assets and receivables
b. Payments of all partnership liabilities
c. return of partners respective contributions
d. distribution of profits
101. Does not cause partnership dissolution
a. partners contribution which becomes a property of the partnership is lost
b. death of one partner
c. insolvency of any partner
d. irrevocable withdrawal of partners from the partnership without justifiable reason.
102. Abalos, Bugueja and Cortez formed a partnership for then (10) years, after the
10th year, the partners decided to carry on the partnership business without renewal
of the period.
Which of the following statements is false?
a.
b.
c.
d.

The partnership may be dissolved by the partners at anytime


The existence of the partnership after the 10 th year is illegal
The partnership now becomes a partnership at will
If the interest of Abalos and Bigueja were change by their creditors, Cortez
may expressly ask for the dissolution of the partnership

Questions 103 and 104 are based on the following information:


103. Arroyo, Bagaporo and Colico formed a partnership for a tem of seven years.
After the term expires can anyone of the partners transact any business which will
bind the partnership?
I. No, except acts necessary to carry on unfinished business
II. Yes, except acts necessary to winding up purposes
Which statements is false?

A. I only
c. II only

c. Neither I nor II
d. Both I and II

104. In the above question, suppose the termination of the partnership is due to
death of Arroyo. May Bagaporo still bind the partnership in a contract?
a. Yes, provided he has closed the contract after acquiring knowledge of the death
of Arroyo
b. Yes, provided he has closed the contract before acquiring knowledge of the death
of Arroyo
c. Yes, provided he had closed the contract before acquiring knowledge of his own
death
d. Yes, provided that the contract is within the normal course of business of the
partnership
105. A, B and C are equal partners in D-3 Partnership. On April 29, 2001, Partner C
died. Not knowing that C died, on May 1, 2002. A contracted a liability to D who also
does not know the death of C. the liability of X is P90, 000. After D exhausted the
net assets of D-3 Partnership in the amount of P60, 000, he can collect:
a. P30, 000 from A
b. P15, 000 from A and P15, 000 from B
c. P10, 000 from estate of C; P10, 000 from A; P10, 000 from B
d. P20, 000 from A and P10, 000 from B
106.Abrera, Belleza and Corporal, partners, while on their way home from a
seminar, had a car accident. Abrera and Belleza died on the spot, while Corporal
was hospitalized but died two days later. Who may wind-up the partnership affairs?
a. None
b. Any of the heirs of the three partners
c. Legal representatives of the heirs of each partner
d. Legal representative of Corporal
107.